Blockchain security firm PeckShield on Sunday warned that DogeMother, one of the many Dogecoin DOGE/USD offshoots, is actually a scam.
DogeMother, which has a total supply of 1,000,000 tokens, was once touted as “the most caring” new coin that was “unruggable.”
#PeckShieldAlert #scam PeckShield has detected #DogeMother is #scam https://t.co/oQlDie83gZ $DogeMother dropped -91%, #slowrug ~187 $BNB into https://t.co/ug233bB1md Do *NOT* fall prey to it. #dogecoin #ElonMusk @elonmusk @dogecoin pic.twitter.com/WAU7CotbTr
— PeckShieldAlert (@PeckShieldAlert) April 3, 2022
On its official website, it misleadingly claimed that one would be able to buy his or her mom a Lambo with profits made from an investment in the coin, a promise that is typically made by scammers.
The developers of the so-called meme coin promised people that they would receive guaranteed rewards for purchasing the token.
Typically, Honeypot scams cajole users into buying a certain cryptocurrency with big promises, only to prevent them from selling.
Also Read: Dogecoin Influencer Matt Wallace’s New Token Crashes 99% Amid Allegations Of Exit Scam
In January, PeckShield identified more than 50 potential scam tokens on the Binance Smart Chain.
#Scam PeckShield has detected 50+ tokens with rug-potentials. The community may want to be aware before interacting:
· Admin can mint unlimited tokens
· Admin can restrict token selling
· Admin can blacklist any account@bsc_daily #BSC Here is the list:https://t.co/6mBp2HX6Hm pic.twitter.com/fYJAMAPs7H
— PeckShieldAlert (@PeckShieldAlert) January 13, 2022
According to PeckShield, the smart contracts for the tokens in question have been developed with clear malicious intent – allowing investors to buy the tokens, but then making it impossible to sell them as the asset price appreciates in value.
Last year, PeckShield alerted people about scam tokens being circulated in the crypto market.
#ScamAlert A bunch of #Scam tokens are identified. Please stay ALERT and do *NOT* Approve on the following phishing sites: ShibaDrop[.]io ($SHIB), AAExchange[.]io ($AAE), BSCTOKEN[.]IO ($BSCTOKEN), BestAir[.]io ($AIR), AirStack[.]net ($AIR), and BNBw[.]me ($BNBW). @BinanceChain
— PeckShield Inc. (@peckshield) August 24, 2021
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